KRG INVESTMENT LAW
A liberal foreign investment law was ratified in July 2006 providing incentives for foreign investors including the possibility of owning land, up to 10 year tax holidays, easy repatriation of profits and removal of tariffs on exports and imports related to the project.
The foreign investor has the right to invest for themselves without a partner or choose a partner as he likes. Investors have the right to employ foreign laborers in their projects and the foreign laborers have the right to transfer their gained money to their original countries. Foreign and Iraqi investors have the right to transfer all his gains to his original country or to any other countries he likes.
Kurdistan’s investment law: The friendliest in the region
The Kurdistan Region investment law was passed in July 2006 and an Investment Board was created to manage and promote investment. For more details, please see the full text of the investment law
The investment law is one of the most friendly to foreign investors in the entire Middle East. Some features of the law are:
- Foreign and local investors and capital are treated equally under the law (Article 3).
- Foreign and local investors are entitled to own all the capital of any project (Article 3).
- The government allocates free or reduced-price land to investment projects that fulfill the criteria (Article 4).
- Foreign investors are free to repatriate profits in full (Article 7).
- Foreign and local investors are equally entitled to buy and own land for investment purposes (Article. 4).
- Investors get a 10-year non-custom tax break once they start production or service provision. Raw materials and equipment used in production also get customs relief (Article 5).